Friday, October 30, 2009
Thursday, October 29, 2009
TAX CREDIT EXTENDED!
THIS JUST IN!!!
TAX CREDIT EXTENDED
NOT JUST FOR FIRST TIME HOME BUYERS!!!!
DETAILS TO FOLLOW!!!
Contact us for more information!
TAX CREDIT EXTENDED
NOT JUST FOR FIRST TIME HOME BUYERS!!!!
DETAILS TO FOLLOW!!!
Contact us for more information!
Wednesday, October 28, 2009
Article: Senators Eye Extending Home Credit To End of April
Article: Senators Eye Extending Home Credit To End of April
By Andy Sullivan and Corbett B. Daly
WASHINGTON (Reuters) - The U.S. Senate's top Democrat and top Republican each voiced support on Wednesday for extension of a soon-to-expire $8,000 tax credit for home buyers, but left unclear when the chamber would act.
"There has been general agreement by a significant number of senators, Democrats and Republicans, to get this done," Senate Majority Leader Harry Reid, a Democrat, said on the Senate floor.
The chamber's top Republican, Senator Mitch McConnell, also said most senators support the measure. "I certainly share his view," McConnell said.
The tax credit for first-time home buyers, which has helped lift the housing market out of its worst slump since the Great Depression, is set to expire on November 30 and senators have been negotiating over how best to extend it.
Under an agreement reached by key senators, the tax credit would be extended through the end of April and be expanded to cover repeat buyers who have been in their homes at least five years, sources familiar with the plan said.
First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.
They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year.
TIMING OF A VOTE UNCERTAIN
While extending the credit enjoys widespread support, its fate is caught up in a spat between Reid and McConnell over unrelated issues.
Reid had wanted to attach a bill to extend the homebuyer credit as an amendment to legislation to lengthen insurance benefits for unemployed workers. The Senate voted to take up the insurance benefit bill on Tuesday, but did not attach the homebuyer tax credit to the measure.
Despite that apparent roadblock, Senate Finance Committee Chairman Max Baucus, who has been involved in negotiations over the tax credit, told Reuters late on Tuesday that he expected the Senate would vote on the bill sometime this week.
"There are various paths and whichever works first is the one that is going to be" followed, he said, referring to the possibility that the Senate could vote on the bill independently or as part of separate legislation.
A spokeswoman for Reid said the unemployment insurance measure could get pushed to next week as lawmakers try to resolve differences over unrelated issues, which would delay consideration of the homebuyer credit extension.
"We will get this extension passed," she said.
A report last week showed sales of previously owned homes hit a two-year high in September as buyers rushed to take advantage of the credit before its expiration date. However, a report on Wednesday showed new home sales, a much smaller segment of the market, tumbled unexpectedly last month.
Separately, a report from the Mortgage Bankers Association on Wednesday that demand for mortgages has fallen for the past three weeks as buyers move to the sidelines.
A buyer would have to close on the purchase of a home before November 30 to take advantage of the current tax credit.
(Additional reporting by Lisa Lambert; Editing by Leslie Adler)
Read the article at the source here
To take advantage of the tax credit, contact us today!
By Andy Sullivan and Corbett B. Daly
WASHINGTON (Reuters) - The U.S. Senate's top Democrat and top Republican each voiced support on Wednesday for extension of a soon-to-expire $8,000 tax credit for home buyers, but left unclear when the chamber would act.
"There has been general agreement by a significant number of senators, Democrats and Republicans, to get this done," Senate Majority Leader Harry Reid, a Democrat, said on the Senate floor.
The chamber's top Republican, Senator Mitch McConnell, also said most senators support the measure. "I certainly share his view," McConnell said.
The tax credit for first-time home buyers, which has helped lift the housing market out of its worst slump since the Great Depression, is set to expire on November 30 and senators have been negotiating over how best to extend it.
Under an agreement reached by key senators, the tax credit would be extended through the end of April and be expanded to cover repeat buyers who have been in their homes at least five years, sources familiar with the plan said.
First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.
They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year.
TIMING OF A VOTE UNCERTAIN
While extending the credit enjoys widespread support, its fate is caught up in a spat between Reid and McConnell over unrelated issues.
Reid had wanted to attach a bill to extend the homebuyer credit as an amendment to legislation to lengthen insurance benefits for unemployed workers. The Senate voted to take up the insurance benefit bill on Tuesday, but did not attach the homebuyer tax credit to the measure.
Despite that apparent roadblock, Senate Finance Committee Chairman Max Baucus, who has been involved in negotiations over the tax credit, told Reuters late on Tuesday that he expected the Senate would vote on the bill sometime this week.
"There are various paths and whichever works first is the one that is going to be" followed, he said, referring to the possibility that the Senate could vote on the bill independently or as part of separate legislation.
A spokeswoman for Reid said the unemployment insurance measure could get pushed to next week as lawmakers try to resolve differences over unrelated issues, which would delay consideration of the homebuyer credit extension.
"We will get this extension passed," she said.
A report last week showed sales of previously owned homes hit a two-year high in September as buyers rushed to take advantage of the credit before its expiration date. However, a report on Wednesday showed new home sales, a much smaller segment of the market, tumbled unexpectedly last month.
Separately, a report from the Mortgage Bankers Association on Wednesday that demand for mortgages has fallen for the past three weeks as buyers move to the sidelines.
A buyer would have to close on the purchase of a home before November 30 to take advantage of the current tax credit.
(Additional reporting by Lisa Lambert; Editing by Leslie Adler)
Read the article at the source here
To take advantage of the tax credit, contact us today!
Monday, October 26, 2009
Article: Investor Report: Investment Buying Tips
Information courtesy of Realty Times - Real Estate News and Advice
Investor Report: Investment Buying Tips
by Kenneth R. Harney
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona.
"They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently.
"But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last week with Realty Times.
For example, a property manager in Tennessee called Cain for advice recently. The manager had a simple question: "Should I fire my client?" who lives in California and purchased rental real estate 3,000 miles away in Tennessee -- sight unseen because the low price made it sound like a steal.
But the property had a long list of defects requiring costly repairs, and it was slow to rent - causing the absentee owner-investor to blame the property manager for the cash drain.
"We see it constantly," said Cain. "New investors think it's easy. They buy on emotion, on low pricing, rather than buying with a disciplined plan.
What are some of the key rules for freshman class investors? Here are a few of Cains' that have served him well since the early 1980s:
Number one: Due diligence is never optional. You've got to understand the local market - and that includes not just where prices are headed, but specific market demand for rental real estate in this price segment, and even the local government's plans for the area where you're thinking of buying.
Number two: Buy with a written plan - that's right, just like the large professional investors use, with an entry strategy and an exit strategy. How long are you going to hold onto the property, how much will it earn you during your period of holding?
And what's the endgame - a sale to another investor? Conversion to condos? Tear it down and build something that's closer to the underlying real estate's highest and best use?
"Write it all down," says Cain. That way you can analyze it better.
Number three: Calculate the actual costs of the property in advance - not just the bargain basement price, but how much you'll need to fix it and feed it - the management costs, rental commissions, vacancy costs, taxes, to name just a few.
"If you don't know these things up front," says Cain, "you are flying blind. And there are no good surprises in real estate."
To read this article from the source, click here.
Looking to invest? Contact us today!
Investor Report: Investment Buying Tips
by Kenneth R. Harney
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona.
"They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently.
"But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last week with Realty Times.
For example, a property manager in Tennessee called Cain for advice recently. The manager had a simple question: "Should I fire my client?" who lives in California and purchased rental real estate 3,000 miles away in Tennessee -- sight unseen because the low price made it sound like a steal.
But the property had a long list of defects requiring costly repairs, and it was slow to rent - causing the absentee owner-investor to blame the property manager for the cash drain.
"We see it constantly," said Cain. "New investors think it's easy. They buy on emotion, on low pricing, rather than buying with a disciplined plan.
What are some of the key rules for freshman class investors? Here are a few of Cains' that have served him well since the early 1980s:
Number one: Due diligence is never optional. You've got to understand the local market - and that includes not just where prices are headed, but specific market demand for rental real estate in this price segment, and even the local government's plans for the area where you're thinking of buying.
Number two: Buy with a written plan - that's right, just like the large professional investors use, with an entry strategy and an exit strategy. How long are you going to hold onto the property, how much will it earn you during your period of holding?
And what's the endgame - a sale to another investor? Conversion to condos? Tear it down and build something that's closer to the underlying real estate's highest and best use?
"Write it all down," says Cain. That way you can analyze it better.
Number three: Calculate the actual costs of the property in advance - not just the bargain basement price, but how much you'll need to fix it and feed it - the management costs, rental commissions, vacancy costs, taxes, to name just a few.
"If you don't know these things up front," says Cain, "you are flying blind. And there are no good surprises in real estate."
To read this article from the source, click here.
Looking to invest? Contact us today!
We are NOT I REPEAT NOT LOAN OFFICERS! WE HAVE NO AFFILIATION WITH BUYING LOANS, BUYING YOUR HOME FOR CASH…….ETC AND YADDA, YADDA, YADDA OR ANY other SCAM you have heard out there or had your mailbox flooded with promising the moon and the stars!No matter how far behind on your current mortgage payments you are, or how dire your situation is YOU DO HAVE OPTIONS! Most homeowners have decided to give up and feel that they have no possible outlets! Have you thrown in the towel and are now playing the waiting game of getting the dreaded Notice of Foreclosure letter!We are certain you are probably ridiculously FED UP by being rejected time and time again for a loan modification regardless of your obvious state of distress. I will tell you right now that if we felt as if there was not a possibility of you as a homeowner continuing to stay in your home and save your credit history we would not be advertising our services! We are NOT I REPEAT NOT LOAN OFFICERS! WE HAVE NO AFFILIATION WITH BUYING LOANS, BUYING YOUR HOME, YADDA, YADDA, YADDA or ANY other SCAM you have heard out there!We have direct communication with Asset Managers and the Loss Mitigation departments. Our team has been in Real Estate for over 20 years and we are listing specialist for REO/RE-Sale/Short Sales through our professional longevity we have created many relationships within the industry and may be able to provide you with answers and an actual solution! If a loan modification is NOT a possibility we will help start the process of negotiating a short sale with the bank and LIST YOUR HOME FOR FREE!Having a short sale on your credit report does put as large of a hit on your credit report and you may think. You will be able to buy a home within 2 years!
If you have any questions at all feel free to email/call/or text us!
We have been where you are and know what you are going through!
Email: INFO@MVPREALTYTEAM.COM
TEXT: 480-332-8226
CALL: 480-603-3462
BULK REO Investments
The United States is seeing more and more foreclosures than it has ever experienced before. Investors in real estate are picking up on this new venture to profit from an extremely profitable new opportunity.
‘Bulk REO Investing’ is the name of the new strategy, and it’s captured the attention of many real estate investors out there.
The basis of the Bulk REO business is foreclosures, so let’s examine the forclosure process now.
As a borrower becomes increasingly behind in his/her mortgage, the lender regularly calls and writes the borrower with default warnings and threats. The lender directs the imminent timing of the actual foreclosure proceedings. The ‘pre-foreclosure’ time starts with filing of foreclosure paperwork and concludes at public auction.
The defaulted property is ultimately auctioned, which completes the foreclosure process. If the property is not purchased at auction, ownership goes back to the original lender. The designation of ‘REO’ (Real Estate Owned) is then attached to the foreclosed property.
Local real estate agents are usually used to resale REO properties at retail price to the general public. However, REO properties are now frequently sold for far less than their book value. Lenders are willing to do this in exchange for the buyer’s agreement to purchase a ‘package’ of REO’s rather than a single property.
One of the best ways to take advantage of Bulk REO Investing opportunities is with a regarded source of funding. Some sources of funding for these transactions are: personal funds, hard money lenders, commercial lenders and non-conventional sources such as private investors and hedge funds.
Are you an investor looking to purchase BULK REO? Contact us for more information!
‘Bulk REO Investing’ is the name of the new strategy, and it’s captured the attention of many real estate investors out there.
The basis of the Bulk REO business is foreclosures, so let’s examine the forclosure process now.
As a borrower becomes increasingly behind in his/her mortgage, the lender regularly calls and writes the borrower with default warnings and threats. The lender directs the imminent timing of the actual foreclosure proceedings. The ‘pre-foreclosure’ time starts with filing of foreclosure paperwork and concludes at public auction.
The defaulted property is ultimately auctioned, which completes the foreclosure process. If the property is not purchased at auction, ownership goes back to the original lender. The designation of ‘REO’ (Real Estate Owned) is then attached to the foreclosed property.
Local real estate agents are usually used to resale REO properties at retail price to the general public. However, REO properties are now frequently sold for far less than their book value. Lenders are willing to do this in exchange for the buyer’s agreement to purchase a ‘package’ of REO’s rather than a single property.
One of the best ways to take advantage of Bulk REO Investing opportunities is with a regarded source of funding. Some sources of funding for these transactions are: personal funds, hard money lenders, commercial lenders and non-conventional sources such as private investors and hedge funds.
Are you an investor looking to purchase BULK REO? Contact us for more information!
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